The Antipodean currencies such as the Australia and the New Zealand dollars strengthened against their major currencies in the Asian session on Monday, as markets react positively to China unveiling a special action plan over the weekend to revive consumption and to boost the stock and real estate market. The ongoing concerns about the impact of President Donald Trump's trade policies are hurting market sentiment.

China's industrial production and retail sales expanded more than expected in the January to February period driven by fiscal stimulus, but the property market remained a drag on the economy.

Data from the National Bureau of Statistics showed that China industrial production registered an annual growth of 5.9 percent but slower than the 6.2 percent rise in December. Nonetheless, the pace of growth exceeded forecast of 5.3 percent.

Meanwhile, growth in retail sales improved to 4.0 percent in January to February from 3.7 percent in December. The rate was also better than the expected expansion of 3.8 percent.

Fixed investment growth rose to 4.1 percent in January and February from 3.2 percent in 2024.

In economic news, data from BusinessNZ showed that the services sector in New Zealand slipped into contraction territory in February, with a Performance of Services Index score of 49.1.

That's down from the downwardly revised 50.3 in January (originally 50.4) and it falls beneath the boom-or-bust line of 50 that separates expansion from contraction.

In the Asian trading today, the Australian dollar rose to near 2-week highs of 0.6339 against the U.S. dollar and 94.39 against the yen, from Friday's closing quotes of 0.6323 and 93.97, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.65 against the greenback and 96.00 against the yen.

Against the euro, the aussie advanced to a 1-week high of 1.7174 from last week's closing value of 1.7203. On the upside, 1.67 is seen as the next resistance level for the aussie.

The aussie edged up to 0.9107 against the Canadian dollar, from Friday's closing value of 0.9086. The next possible upside target for the aussie is seen around the 0.92 region.

The NZ dollar rose to nearly a 3-week high of 85.92 against the yen and nearly a 2-week high of 1.8863 against the euro, from Friday's closing quotes of 85.37 and 1.8923, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 88.00 against the yen and 1.85 against the euro.

Against the U.S. and the Australian dollars, the kiwi advanced to a 3-week high of 0.5768 and nearly a 1-1/2-month high of 1.0983 from last week's closing quotes of 0.5744 and 1.0998, respectively. The kiwi may test resistance around 0.59 against the greenback and 1.08 against the aussie.

Looking ahead, Canada housing starts for February, U.S. retail sales for February, U.S. NY Empire State manufacturing index for March, U.S. NAHB housing market index for March and U.S. NOPA crush report, are slated for release in the New York session.

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